The 2022/23 operating and capital budgets for Quinte Health Care have been approved.
The board of directors met virtually on Tuesday afternoon and passed the budgets for this year.
John Kearns, board treasurer and chair of the audit and resources committee, said the committee met to discuss the budgets earlier this month.
He noted there was an in depth discussion on the risks associated with the budgets and the fiscal year including the investments to stabilize operations given the current human resources issues, volume pressures, the requirements to support a post-pandemic recovery period and the financial risks.
Kearns said while they have prepared a balanced budget, the human resources issues and the relative supports in the community, the budget has significant deficit pressures.
The operating budget would see revenues for 2022/23 increase to $238,719,000, and increase of $10,000,000 from the previous year.
The operating budget includes a 2% base funding increase inclusive of global and growth, accounts for a 1% wage inflation and includes $3 million in incremental Covid related revenue and costs.
The capital budget represents the annual requirements prioritized as critical, essential and necessary for each QHC hospital.
Kearns said they are developing a multi-year operational capital plan which will lead to better planning on behalf of QHC and the foundations.
This year, the needs of Belleville General exceed historical foundation support according to the report.
There is $556,000 needed for critical equipment replacement and $6,434,000 needed in essential needs.
The remaining three hospitals have capital budgets for 2022/23 within known/historical support ranges.
Chair Nancy Evans noted the multi-year planning is very helpful and will provide a roadmap going forward.
